Having your startup organisation is now easier with professional services

Posted by TNPL on January 19th, 2021

Societies and governments function to make a business-friendly environment; and when that happens, the pie increases and everybody goes home with a share. However, when a business venture becomes registered and operational, the onus then lies with the owners and entrepreneurs to contribute to society. The giving back to the community happens through the advent of taxation; corporate taxation, personal taxation, and income taxation are few of the taxation categories.

Setting the regulations and the law is easy, but its implementation is complex and perplexing. The reason for this is that taxation, and more so, accounting regulations are manifold. This is because of the numerous provisions and sub-sections. It is advisable to seek help from an accounting services provider Singapore and other countries have professionally registered firms with the said expertise. These serve as a helping hand in the larger scheme of things and help rescue from the complex tides of returns filings. With accurate and precise taxes reporting and filing, the level playing field makes for a win-win situation for all the stakeholders, including the general public.

If you are new to the business world, it is crucial to note that tax avoidance is legal and permitted, whereas tax evasion is illegal and penalised. To ensure that you are on the fairer and safer side, then Singapore company registration service and other such organisations are available at your disposal.

Taxation is far from an isolated entity. It is to be viewed in sync with other related disciplines. The interdisciplinary phenomenon comprises various services such as accounting and bookkeeping, auditing and assurance, and taxation. With that said, be it an accounting services provider, Singapore, India, Asia, or anywhere, the services are well-defined and precisely laid out for business owners.

Factoring the size of your business

Be it a small business, multinational or a conglomerate, tax filing is a mandate practised by all. Raking in the irony of popular belief, more often than not, a small business has the expertise to file its taxes, and a large corporation seems to lack it.

Numerous parameters such as number of employees, turnover, sales and others need scrutiny when subscribing to Singapore company registration services. In this light, a startup organisation or a small business can hire accounting and taxation experts, and a large corporation to outsource the accounting services. The advent of due diligence suggests that one understands the professional services firm; a good starting point would be to inquire about the size and type of business clients.

Getting down to the Nitty-Gritties

Taxation and accounting services are not isolated, but rather a part of an interdisciplinary entity. Hence, business owners must get an idea about these two different, but related services.

Accounting Services

The number-crunching profession of accounting comprises two types - financial accounting and management accounting. The former is a mandate for external purposes, that is for the public records. Management accounting is recommended and not mandated. The purpose of this is internal and for business use. In the greater scheme of things, the purpose of accounting boils down to having up-to-date records of all business transactions.

Typically then accounting comprises the following:

-          Monthly accounts and bookkeeping

-          Financial statements preparation

-          Support and administration (accounts)

-          Others

Taxation Services

Taxation services help determine the amount that business owners and entrepreneurs need to contribute to society. Some of the sub-services within the taxation field are:

-          Withholding tax

-          Corporate tax

-          GST

-          Tax resolves

-          Others